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Technical outlook and chart setups:
Silver remains locked between $17.30 and $18.00 since a few days as seen here. The trend remains bearish with Silver clearly trading in the sell zone at the moment. A push below $17.30 levels would see further lows into $16.00. Immediate support remains at $17.30 (interim) while resistance is seen at $18.00 (interim), followed by $18.60/90 and above respectively. The metal needs to clear $18.00 at least, for bulls to regain control. Furthermore, a break above the sloping trend line, which is passing through $18.90 levels for now, would instill further confidence in the bullish setup.
Trading recommendations:
Remain flat for now.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of Silver for September 29, 2014
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